Indian steelmaker Jindal Steel and Power Ltd (JSPL) has issued its consolidated financial results for the third quarter ended December 31 of the financial year 2016-17.
In the three months in question, JSPL registered a net loss of INR 4.55 billion ($68 million) compared to a net loss of INR 8.82 billion in the same period of the previous financial year. JSPL’s EBITDA increased to INR 12.77 billion ($190.9 million) compared to the EBITDA of INR 5.42 billion recorded in the same quarter of the previous year.
According to JSPL's statement, during the quarter in question its steel production increased by seven percent to 1.15 million mt, while its steel sales rose by 18 percent to 1.16 million mt, both compared to the same quarter of the previous financial year.
JSPL stated that it will continue to focus on increasing steel production volumes, improving product mix with a higher focus on high-yield products and increasing production in all mines both in India and abroad which would enhance its revenues as well as its operating margins in the coming quarters. Meanwhile, the company’s new blast furnace at its Angul operations will further augment production volumes and bring overall costs down significantly.